MANILA, Philippines – One of the country’s oldest rural banks is going digital with the help of the companies of Chinese tycoon Jack Ma.
Binangonan Rural Bank (BRB) teamed up with Alibaba Cloud and Ant Group for its own digital banking app called E-pon, a play on the Filipino word ipon, which means to save.
The E-pon digital app will be supported by Alibaba Cloud’s Infrastructure-as-a-Service (IaaS) system, which will allow users to make deposits, withdrawals, and fund transfers with just a few clicks.
The app will also use a series of cloud-based financial digital services from Alibaba Cloud and Ant Group, which will include the eKYC (Electronic Know Your Customer) solution and Mobile-Platform-as-a-Service (mPaas).
It will also provide access to other financial services such as loans and investments, serve as a mobile payment gateway for merchants, as well as offer payment tie-ups with businesses and government entities.
“Through our planned digital app, we are making sure that we will be able to take advantage of these growth opportunities, while further improving the access of Filipinos to financial services, online banking services, and lifestyle services,” said Alfonso Huang, president of E-pon.
“Digital banking, e-money in particular, is not just a trend – it’s the future,” said Allen Guo, country manager for the Philippines, Alibaba Cloud Intelligence.
BRB is the first Philippine rural bank to launch e-money issuer or EMI operations. It received its EMI license from the Bangko Sentral ng Pilipinas in 2017. – with reports from Eirenne Lumasang/Rappler.com
Eirenne Lumasang is a Rappler intern. She is a communication student from the Ateneo de Manila University.